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Why have Medical Insurance |
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Personal Plans -
Medical Insurance (PMI)
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Buying Medical Insurance... ?If you are looking to purchase a medical insurance contract, there are a number of features you should look at for. Try not to focus too much on price to start with, ask yourself why you are interested in medical insurance:
- Are you concerned about NHS waiting lists ?
- Are you concerned about MRSA and similar hospital infections ?
- Has a family member recently suffered an illness or injury ?
- Is there a specific hospital or clinic you would like to access ?
- Does the idea of Consultant and Hospital choice appeal to you ?
- Are you looking for a 'safety net' policy - just in case ?
- Are you an employer looking at providing a valuable staff benefit ?
Dependant upon how you answered these questions, we recommend speaking to one of our advisers. Simply call 0845 408 5444 (UK Only) to speak to a policy specialist, they will be able to guide and advise you about which option is most suited to your needs...
Considering the optons...Dependant on your specific needs and budget, there are a number of key factors you should consider before purchasing a medical insurance plan. Sometimes it is more beneficial to combine two or more policies to cover your needs sufficiently; this is where your adviser will be able to assist.
• Affordable options... By stripping out many of the benefits in a medical insurance contract, retaining just those core, essential benefits can prove to reduce premium costs significantly. Additionally, this can prove a very cost effective way of providing a ‘safety net’ type policy. • Medical Factors in Insurance... When joining a policy, you will be asked either a number of questions regarding your medical history, dependant upon your answers, a condition may be excluded, limited or specific endorsements placed upon it. Alternatively you may be asked to sign a blanket moratorium on pre-existing conditions, which would later be verified at the point of claim. • NHS 'vs.' Private... Depending on where in the UK you live, NHS services can vary and indeed in some parts of the country; they are first class while in other areas, you may experience delays depending upon the severity of the condition. Some medical insurance plans work closely with the NHS and compliment each other well.
If this appeals to you, you might be able to enjoy noticeable savings on your premiums. • When is an excess a good idea... An excess is whereby the policyholder agrees to pay the first part or a percentage of an eligible claim. Some excesses work on each and every claim, whereas others are applied each year. If you re fit and healthy and do not foresee needing to use your policy, an excess can be a good idea. • Geographic coverage... home and away... Medical insurance in the UK is limited to mainland coverage only, in part this is due to the close synergy with our National Health Service. However, some policies allow for members you travel frequently by including travel insurance or even allowing European or Worldwide coverage… if this is an issue to you, ask your policy adviser. • No Claims Discounts... the pros and cons No Claims Discounts have been used in automotive insurance for many years. Every year you do not have need to use your policy, you are rewarded with an additional discount on your premiums. Over time, this can amount up to a substantial discount.
However; if you make a claim on your policy, your premium will loose some of this accrued discount in addition to age and inflationary increase. The down side to this is if you have made a claim for a ‘serious’ medical condition you would be wise to stay with your existing insurer – however you may experience a very high increase on your premiums as a result. |
Financial Protection 
